Living in one of the fastest growing global economies, students in India are extensively seeking out opportunities that can help them leverage the country’s existing resources and turn themselves into valuable assets for the booming job market of today.
Data reports that India is projected to grow 4x in consumer spending by 2030. What’s more, being one of the youngest nations, the country possesses 1 billion internet users. Additionally, rising incomes of individuals along with exposure to innovative ideas and technological advancements are highly influencing consumer behavior in the country.
All these factors collectively create a solid foundation for Business Psychology professionals to work together and contribute effectively to understanding consumer behavior and organizational dynamics.
Business psychologists can play a crucial role in understanding these shifts and helping businesses adapt to changing consumer preferences.
Welcome to our blog, where we discuss what business psychology is, how important business is in the realm of psychology, what do practitioners work as, and how an MBA in Business Psychology adds that star to your career trajectory.
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Psychology in business is beyond crucial. To state it simply, it can be used to help improve every aspect of business directly or indirectly, via virtual medium. This generally includes the following:
1. Making a better workplace
2. Increasing the productivity of employees
3. Making better products
The simple point worth understanding here, is that businesses thrive purely on the understanding of human behavior/consumer behavior.
Thus, in simple terms, Business Psychology deals with the study and practice of improving work life, by combining the science of human behavior with an experience of organizations to achieve sustainable performance for both the individuals and their organizations.
Here’s what Business Psychology is all about
1. Informing organizations about effective organizational practice
2. Applying psychological research to respective situations
3. Putting psychology into business
Business Psychology practitioners work in the following ways:
1. As independent, trusted professionals who are unbiased, and advise people on wide ranging issues, right from careers to organizational change.
2. Helping organizations understand their issues and challenges by use of scientific research and methods of investigation
3. Designing solutions tailored to address organizational challenges with the use of psychometric tools or assessment exercises.
4. Implementing solutions aimed at catering to organizational problems through facilitation
5. Demonstrating individual benefits of interventions
Acquiring a master’s degree in the field of Business Psychology can help you advance to management and executive leadership positions, which are not only financially rewarding but also offer better job security and increase your employment prospects.
For purpose of ease, we have highlighted the most sought-after career prospects that you may opt for, with an MBA in Business Psychology:
After an MBA in Business Psychology, you can easily pursue a career in industrial-organizational psychology. This is because it will enable you to apply the psychological principles learnt to enhance workplace environment, interdepartmental communication, ensure workplace safety and professional satisfaction.
Management analysts suggest ways to improve organizational efficiency. An MBA in business psychology equips you with business process knowledge and qualitative analysis skills to consider human behavior while making suggestions for improvement.
As a Marketing manager, you can plan and direct promotional programs, including determining products and services that are in demand, identifying prospective clients and developing pricing strategies. An MBA in business psychology enables you to research, monitor and evaluate customer behavior for optimizing marketing initiatives.
Human resources managers are generally responsible for recruitment processes, and development and retention of top talent. These managers consult with top executives on issues of strategic planning, thereby serving as a link between an organization’s management and its employees. An MBA degree in business psychology fits in naturally for this role requiring empathy and motivational skills.
Top executives engage in developing and implementing business strategies in organizations. They usually tend to lean toward MBA degrees while considering advanced education. However, in today’s extensively competitive markets, expertise in human-centered leadership can be a highlighting factor. This degree can give you an edge by making you a well-rounded business professional with education from a people-first perspective.
Understanding human behavior and motivation helps you in scaling heights in your business and advancing your career. Acquiring an MBA in Business Psychology, therefore, stands out as an ideal way to emerge as an empathetic and holistic leader.
Counsel India, in collaboration with UGC recognized Medhavi Skills University, brings to you a holistic MBA in Business Psychology program, with an industry-driven curriculum taught by top experts. With flexible learning options, and targeted on-the-job training, this program perfectly blends business acumen with psychology and helps you develop a unique skillset through practical learning experience.
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